UK Oil & Gas (LON: UKOG) took advantage of the positive outlook for UK oil and gas explorers to raise £3m at 0.0875p a share. The share price has fallen by one-fifth to 0.0875p. Two weeks ago, the share price was 0.08625p and it ended last week at 0.1098p. The cash, though, will be invested in a seismic programme and the drilling of an appraisal well in the Basur oil discovery in Turkey. This could, if successful, go into production in the first half of 2023.
Phoenix Global Resources (LON: PGR) continues its decline ahead of the ending of the AIM quotation on 15 September. The shares fell a further 36.4% to 3.5p.
Sustainable wood producer Accsys Technologies (LON: AXS) has strong demand for its Accoya wood, but a shutdown at its plant in Arnhem meant that it had less to sell in the first half. Capacity is constrained ahead of the beginning of production from the new reactor, which increases capacity by one-third. Even more disappointingly, there are further delays to the new Tricoya plant in Hull and management is assessing its options. More cash will be required for the project. Construction on the US Accoya plant has commenced. The shares declined by 12.3% to 78.1p. The fundraising in May was at 123p a share.
Full year revenues from IT and digital services provider Made Tech (LON: MTEC) were in line with forecasts but pre-tax profit was slightly lower than consensus forecasts of £2.43m. The trading outlook was positive, but the market reception was not with the shares 11.6% down at 26.95p.
Insig AI (LON: INSG) has secured a convertible loan facility of £750,000, repayable on 30 June 2023, from Richard Bernstein, who has already provided £1m. The conversion price is 35p. That was a premium to the market price even before the 7.6% fall to 30.5p.
Stripping out discontinued activities at Omega Diagnostics (LON: ODX) shows the progress of the health and nutrition business. There was still a loss in the year to March 2022 and a larger one is expected this year. Net cash fell to £1.4m at the end of March 2022, by next March disposal proceeds should help to improve the net cash position to £6m. The share price fell 2.7% to 2.675p.
Greatland Gold (LON: GGP) has secured its share of the finance to develop the Havieron project in Australia. Wyloo Metals has subscribed for 430 million shares at 8.2p each and agreed to invest a similar amount in the future. The share price jumped 12.1% to 9.3p. There is also a commitment letter for a seven-year A$220m debt facility provided by a syndicate of banks. The total funding comes to £200m. Greatland Gold owns 30% of Havieron.
Pipehawk (LON: PIP) has won a £1m contract to supply a floor jointing system to RCR Flooring Products. This will take 12 months with one-third of the amount paid upfront. The share price rose 11.5% to 14.5p.
Kape Technologies (LON: KAPE) got a big boost from the acquisition of ExpressVPN in the first half of the year but the ongoing digital security businesses grew by 19% and retention rates improved to 82%. Interim revenues were 217% ahead at $302.4m. What was most impressive was the cash generation with $90.1m of underlying operating cash flow, which helped to cut net debt from $457.5m to $391.9m during the period. There are more cost savings to come from the ExpressVPN acquisition. The share price has increased by 11.5% to 290p.
